The Van Buren Township-based supplier is selling its 50 percent stake to Duckyang's management for $24.1 million, or 25.9 billion Korean won. Visteon also expects to receive $5.9 million in dividends from the transaction.

The deal is expected to close in April.

Visteon reduced its majority ownership of Duckyang in October 2012.

In January, Visteon said it would divest from the automotive interiors business completely in three separate deals with three different buyers. The Duckyang deal represents the first deal; the other two are being negotiated.

"We are pleased to have reached this agreement to sell our stake in this nonconsolidated interiors joint venture as another step in Visteon's transformation, and in support of our stated goal to exit our interiors business," Timothy Leuliette, Visteon's president and CEO, said in a news release. "We are working toward the interiors divestiture as part of our commitment to deliver customer and shareholder value by focusing on our core growth climate and electronics businesses."

While Visteon attempts to dump its interiors division, it continues to build up another core business: electronics.

In January, Visteon announced the $265 million acquisition of Johnson Controls Inc.'s electronics unit — which makes instrument clusters, infotainment displays and body electronics. The deal, which is expected to close in the first half of the year, is expected to grow Visteon's electronics operation to annual sales of $3 billion.

The deals are the latest in Visteon's turnaround effort since exiting Chapter 11 bankruptcy in 2010.

Upon exiting, it faced an uphill battle against investors under Don Stebbins, then chairman and CEO. Boardroom turmoil led to Stebbins' resignation in August 2012, and board member Leuliette took over the reigns.

Leuliette's first order of business was to cut costs and consolidate operations. The last seven quarters have shown improvement; the supplier posted net income of $513 million, or $1.02 per share, on revenue of $1.96 billion for the quarter that ended Dec. 30.

The company's focus on Asia remained strong, with the Asian market accounting for 50 percent of its sales in the fourth quarter. Korean automaker Hyundai-Kia accounted for 35 percent of Visteon's fourth-quarter revenue.

North America accounted for only 17 percent of Visteon's business last quarter.